2020-09-30-accounts - The Box Moor Trust

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THE BOX MOOR TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

CHARITY REGISTRATION NUMBER: 206142

THE BOX MOOR TRUST

INDEX TO THE

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

OBJECTIVES AND ACTIVITIES	OBJECTIVES AND ACTIVITIES	2
PINANCIAL REVIEW		15
STRUCTURE, GOVERNANCE	AND MANAGEMENT	18
REFERENCE AND ADMINISTRATIVE DEVAILS		25
STATEMENT OF TRUSTEES’	RESPONSIBILITIES	24
INDEPENDENT AUDITOR’S	REPORT	25
STATEMENT OF PINANCIAL	ACTIVITIES	28
BALANCE SHEET		29
CASH FLOW STATEMENT		30
NOTESTOTHEFINANCIAL	STATEMENTS	31

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THE BOX MOOR TRUST

The Trustees present their report and financial statements tor the Box Moor Trust for the year ended 30 September 2020.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reportung by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) dated October 2019.

| = OBJECTIVES AND ACTIVITIES

With a rich history spanning four centuries, the Box Moor Trust is a self-supporting charity that provides sustainable management of agricultural and amenity land extending to 493 acres of moors, commons, woodland and grassland (the “Estate”). This land provides facilites and environmental education opportunities for the use and enjoyment of the residents of the area of benefit in Hemel Hempstead and Bovingdon (“Area of Benefit”) and by the public at large.

The Trust also supports those in need, by reason of youth, age, il] health, disabiliry, financial hardship or other disadvantage through the giving ofgrants and provision[of][opportunities][for][a][wide][range][of][ people,] including young people and those with disabilities, to participate in activities offered by the Trust.

The Trust uses income from its property and investment assets to deliver its Charitable Objectives.

The Coronavirus pandemic has had a significant impact on the acavities of the Trust during the year, resulting in the cancellation of public events such as the Autumn Festival and Lambing Weekend, cessation of educational activiues which support schools, stopping all volunteer activities and the closure of the Trust Centre for external lettings. There has also been a notable increase tn the use of the Trust land for leisure and exercise.

During this challenging period, the Trustees have strived to support the local community through

e Ensuring that there conunues to be access to the land
Promoung access through the provision ot walking leaflets
e® Increasing Estate statfing to ensure areas are clear of litter.

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e Listening and responding to neighbours with regard to the impact on the environment of the increased use ot the Estate.
Awarding additional grants to eligible organisations that have incurred, or are about to incur, additional costs associated with the pandemic in order to continue, or resume, their normal activities.

“Herts Inclusive Theatre was delighted to be able to re-purpose the £500 grant from the Boxmoor Trust towards our online summer holiday activities during August 2020. This supported our work during the Covid-19 situation, and enabled us to provide activities for disabled and vulnerable participants when they needed it most” Caroline Stevens, Herts Inclusive Theatre

OUR ACTIVITIES

----- Start of picture text -----
LAND
MANAGEMENT
LETTING AND
INCOME
GENERATION
EDUCATION
AND
COMMUNITY
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LAND MANAGEMENT

The Trust owns 493 acres of land, which is used for grazing, woodland and general leisure and recreation. It provides open access to most of its land, with the exception ofoperational land including Howe’s Retreat, the Box Moor Trust Centre and the residenual properties. Free access is available principally to the residents of the Area of Benefit though not restricted for people from further away. In providing

THE BOX MOOR TRUST

PAGERS

access to the land, the Trust monitors the potential for damage from over use and would protect any vulnerable areas from excessive use should it look likely.

KEY

-UMS

e Protecting and enhancing a substanual wuldlife- friendly ‘green lung’ close to centres of the rapidly growing population.
e Developing land management programmes in accordance with best practice with an emphasis on biodtversity.
e Maintaining and extending the work experience and volunteer programme.
e Incorporating new areas of land into the Estate where appropriate and where the required resources for its care are identified.

CURRENT PROJECTS

¢ Continuing delivery of ecological enhancements to the River Bulbourne.
¢ Continued development of Gadespring cress beds and infrastructure.
¢ Conservation, access and fencing improvements at Bovingdon Brickworks.
e Tree safety inspections.
¢ Continuing enhancement of key water vole habitats.

KEY CHALLENGES/ OPPORTUNITIES

e The unforeseen Coronavirus pandemic has severely restricted visits to areas such as Gadespring. However, visitor pressure to the open spaces increased drastically. Unfortunately, this brought inherent problems such as litter and disturbance to our neighbours. The resulting amount of rubbish being found resulted in the need tor 2 temporary posts being created; they concentrated on litter and Estate presentation.
¢ Upgrading Estate machinery, fencing and equipment in line with developing requirements.
¢ Preparing Sheethanger Common for future grazing, and making the site secure.
¢ Maintaining and increasing the diversity of flora and fauna species in light of continued improvement in monitoring returns.
¢ Maintaining good husbandry for livestock and appropriate maintenance of the land with limited use of pesucides.
¢ Managing woodland and landscape trees to conserve them as landscape and wildlite features tn the face of age, disease and climate change.
e Improving access, signage and interpretation across the Estate for the enjoyment of the local community.
¢ Managing the land as the pressures of a growing population increase.
¢ Working with dog walkers to reduce fouling and nuisance behaviour on Trust land.
¢ Controlling unauthorised access from prtvate land on to Trust land and introducing access agreements where approptiate.
e Managing prudent cost control within an increasingly inflationary environment.

KEY ACHIEVEMENTS AND PERFORMANCE

e Machinery has been upgraded to deal with the challenges of the Estate. New purchases include a tractor drawn livestock trailer.
e A 2-phase reintroduction of water voles along the Bulbourne Valley has proved very successful.
e¢ Improvement of the infrastructure across the Estate has conunued with the installation of DDA- compliant wheelchait/buggy friendly gates.
e At Gadespring, portable toilets have been provided and the hide is regulatly visited by local residents and schools
e Volunteers have continued to receive training to use ATVs, tractors & strimmers.
e Volunteers now play a significant part in Estate work including litter picking, the reintroduction of water voles, river management, rights of way management and ecological improvements.

Income from sale of livestock, grants and use of land this year was £54,480 (2019: £67,255).

BRDUCATION AND COMMUNITY

Children from many local schools and uniform groups are brought to Trust land for outdoor learning. The Trust also caters for groups of all ages with learning difficulties and runs a Youth Rangers programme for children aged from 4 to 16. It also holds a number of family-focused events to bring people into contact with the outdoor environment. The Trust holds regular adult talks and activites based in and around the Trust Centre and the Old Barn at Westbrook Hay, as well as offsite talks to care homes and groups with limited mobility.

Trust volunteers contnue to provide great service to the Trust in areas of conservation, assistance with torest schools, educational activities, oftice-based assistance, outreach roles and the Rangers groups.

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In addition, volunteers are working on the Box Moor Trust’s archive. Dr Ellie Pridgeon, a professionally qualified archivist and records manager, has provided training and advice to enable volunteers to protect and preserve a wide range ofarchive documents and to catalogue them. This work is ongoing.

During the current year volunteers worked the equivalent of 456 days (2019: 923 days) (based on a 7-hour day).

Volunteers supported activities of the Trust in the following areas:

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Hours worked by volunteers
Outreach / admin and educanon 4
Conservation volunteers Raa
0 1000 2000 3000 4000 5000 6000
2020 2019
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KEY AIMS

e Increasing awareness of the Trust within the community. ¢ Developing learning opportunities for all. e Establishing partnerships with key community groups ¢ Continuing to be exemplars in the delivery of Forest Schools. e Developing and widening the appeal of the volunteer programme. e Encouraging further interaction with local people through a variety of media. e Developing an ongoing survey and monitoring programme with local enthusiasts and volunteers.

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CURRENT PROJECTS

® Continuation of Forest Schools.
¢ Developing links with secondary schools to provide resources and sessions to Key Stage 4 pupus.
© Continuing with “Nature Tots” outdoor activities tor preschool age children.
¢ Holding more tamily events in school holidays.
¢ Increasing the range of outdoor education walks and talks across the age range, especially for ‘hard to reach’ groups.
© Bringing to life the special features of the Trust using a broad range of[social][media.]
e Working with the community to reduce litter and nutsance behaviour on Trust land.
e Increasing the use of the Gadespring site for education sessions, both self—led and statf-led.

KEY CHALLENGES / OPPORTUNITIES

e The Coronavirus pandemic resulted in the closure of[all][outdoor][educational][acuvines][and][the] Education staff have been on furlough since April 2020. At the date of this report, one member of the Education team is still on furlough and two have taken sabbatical leave for one year.
e Maintaining a highly experienced team within a controlled budget.
e Ensuring that Safeguarding and Health and Safety Policies are reviewed and maintained.
e Adapting to regular changes in the National Curriculum.
e Reviewing education potential at Gadespring Cress beds.

KEY ACHIEVEMENTS AND PERFORMANCE

Restrictions due to the Coronavirus pandemic meant that all organized educational activities had to stop in March 2020. Therefore, figures relaung to the curtent year represent just 6 months’ activities.

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e SCHOOL GROUPS

The Trust organised activities tor schools attended by 4,111 children. (2019:3,300)

Attendance at activities organised with schools

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3500
3000
9500
2000
1500
1000
.{) Bre] a
Schools Forest Schools \ssemblies
2020 ©2019
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¢ COMMUNITY GROUPS

463 members of Community Groups (2019: 708) have visited the Trust or attended talks given by the Trust during the year.

Attendance at Community Group Acitivites

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800
700
600
300
400
31K)
200
100
Oo
2020 2019
@ Uniform Groups — @ Adult Group visits Adult Group talks
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¢ CHILDREN’S ACTIVITIES OUTSIDE SCHOOL

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Children attending outside school activities
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Youth Conseevation Rangers ——
Boxmoor Rangers - Jumiors SS
Nature Tors (pre-school SScRERBOA
0 30 100 150 200 250
82019 m2020
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LEISURE AND WELFARE

Almost all of the Trust’s land is devoted to amenity use, with approximately 80°% also being grazed.

After its prime responsibility of protecting and maintaining the land in order to provide facilities for recreation and leisure and administering the Charity, the Scheme clarities that the Trust is able to spend surplus income on education, sport and recreation and welfare of the sick, the poor and the elderly. (Clauses 26 and 35 of The Scheme).

EVENTS

The Trust’s Autumn Festival is a popular, free event with the emphasis on promoting the Trust’s work in a fun and enjoyable way. The Festival also allows small businesses to attend to sell local crafts and produce, which are environmentally friendly or adopt a sustainable ethos.

The Trust’s dedicated team of volunteers who conduct riverfly monitoring were on hand to show visitors how the Trust monitors the health of the river. This was a popular way to learn about the health of the River Bulbourne by observing the variety and amount of wildlife found across several different sites along the river.

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The popular Lambing Weekend, which is also free to attend, was set up in answer to the growing enthusiasm tn the UK to bring tamilies closer to farming and to raise awareness of farming itself. Unfortunately, this year’s lambing weekend had to be cancelled at short notice due to the Government lockdown so the Trust used tts Facebook page to shate information and photos of lambing. The Trust team also shared spring activites for children that could be enjoyed safely during lockdown.

SPORT

| The Hemel Hempstead Town Cricket Club and the Boxmoor Cricket Club operate under licence on Heath Park and Blackbirds Moor tespectively and hold leases for the pavilions. Hemel Hempstead (Camelot) Rugby Club has a licence to play on Chaulden Meadow.

RECREATION

The majority of the Trust Estate is available as open access for the public, without charge. Informative walks leaflets and a general Trust leaflet have been produced; the Red Walk, Blue Walk, Green Walk - and the Orange Walk for the less mobile - have been updated. They give general information about the Trust and guided walks are regularly arranged. By its nature, and in accordance with the Scheme, access to Trust land and events is not restricted to residents of the Area of Benefit. However, publicity ts focussed within this area.

Unfortunately, this year saw the cancellation of the regular visits by Carters Traditional Steam Fair and Circus Zyair due to the Coronavirus pandemic.

In 2020, the Trust spent £1,000 (2019: £1,580) in support for the Arts: £500 to Herts Inclusive Theatre and £500 to Bovingdon Primary Academy. An additional pledge of £500 to EngageArts CIC for a musical production remains unclaimed due to cancellation of the event because of Covid-19.

GReINTS

The Trust, in accordance with its Grants Policy, distributes surplus funds in the form of grants for capital projects to local charities and other not-for-profit organisations operating in the Trust’s rea of Benefit. The maximum grant allocated ts £2,500 in order to spread the benefit more widely. Groups may not apply for grants within 3 years after receiving a successful grant. Grants are not made to individuals. A list of grant recipients ts included on the Trust’s website: www.boxmoortrust.org.uk.

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“The project for the replacement of the bell ropes was completed in August 2020. Can you pass on the thanks of the PCC, the bellringers and all at St Mary’s Apsley to the Trustees for their support given to this project, which will enable the bells at St Mary’s to be heard by the local people over the coming years, and protects an important part of our heritage of the last 149 years.” Peter Bladon, St Maty’s Church, Apsley End (awarded £1,000 capital grant)

Friends of the Box Moor Trust, for a small annual subscription, are sent quarterly newsletters. The Trust calendar Is sent free to Friends and is also for sale.

KL:y AIMS

© Making land available where appropriate for use by local clubs and other beneficiaries.
e Providing activines on the land for the benefit of local residents.
e Enabling the best use of the land by working with the Trust’s resident sports clubs.
e Maintaining and refining the Trust's grant giving policy for the benefit of the whole community.

CURRENT PROJECTS

e = Discusston with Dacorum Borough Council on future sports improvements and possible land transfer.
¢ Continuing sponsorship of the “Trust Bus’ for Dacorum Community Transport and funding to the Dacorum Community Trust for helping individual residents in need.
e Holding regular events including the annual Autumn Festival and the Lambing weekend plus additional events such as outdoor performances once COVID restrictions permut.
¢ Supporung the performing, musical and visual arts as a means of encouraging local performances.

KEY CHALLENGES / OPPORTUNITIES

¢ Working with sports clubs to encourage ‘grass roots’ participation, particularly among the young, women, those with a disability, and ethnic groups.
¢ Growing pressure on grant applications with a continuing reduction in funding elsewhere.

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KEY ACHIEVEMENTS -AND PERFORMANCE

e This year £22,311 (2019: £21,232) was paid out to grant applicants and £18,940 has been allocated for 2019/20. The Trustees allocated a further £6,060 to help local charities with unexpected expenses due to the Coronavirus pandemic.
e In addition to the above, the Trust paid £6,000 to the Dacorum Community Trust to assist with its delivery of grants to individuals in extreme need in Hemel Hempstead and Bovingdon. A further £6,000 has been allocated for 2019/20.
¢ Community Transport was again given £2,500 to sponsor one of their minibuses used by local charities and organisations. Trustees have approved a renewal of the agreement for another three years, committing to payments of £2,500 in August 2021, 2022 and 2023.
e Approximately 1,000 people enjoyed the autumn events
e =A total of £1,000 (2019: £1,580) was given to organisations running small local events.
e An increasing number of volunteers work alongside staff at Trust events.

LETTINGS AND INCOME GENERATION

The Trust owns 27 houses, of which 25 are let and 2 are staff tenancies. Tenants are not restricted to those from the Area of Benefit as the income from the residential property is classified as investment to be maximised.

“Your Move’ remains the Trust’s Agent and manages the letting, rent collection and maintenance of the Trust’s residential properties.

Boxmoor Wharf is an mportant commercial site currently let to B&Q. Up to 30 September 2020, the annual rent was £480,973. Since the end of the financial year, a new 10-year lease (with a break option after 5 years) has been signed for the site. The new annual rent is £404,040, but this is subject to a 3- month rent free period during the first year. This effectively reduces the average annual rent over the first 5 years to £384,000, which ts £97,000 (or 20%) less per annum than the previous lease.

The Box Moor Trust Centre provides a large office space for all the Trust’s office-based staff, a boardroom for Trust meetings and two large rooms for meetings or community acuvities. The boardroom and the two large community rooms are available for hire by local community organisations, charities and businesses. They are suitable both for more formal meetings and informal gatherings, although parties are not permitted. The facilities are regularly advertised. Up to the interruption caused by the Coronavirus lockdown, bookings were increasing. However, the Centre has been unavailable for external use since

mid-March 2020. Appropriate safeguards have been put in place to enable the Centre to be reopened tor lettings when Government restrictions are lifted.

The former offices adjoining the Centre are currently used by Trust staff and volunteers.

There is a designated unrestricted, fund to provide for major repairs and upgrades to the Trust Centre building. £5,916 was used during the year for woodworm treatments and redecoration (2019: £4,997 for guttering and servicing the biomass boiler).

KEY AIMS

e Securing the future of the charity tor the benetit of the community for centuries to come.
e Achieving optimum use of the Trust’s assets for the long term.
¢ Developing further commercial sites on Trust land.
e Maintaining current residential sites and considering new housing development possibilites.
¢ Considering alternatives for delivering services as economically as possible.
e Continuing to seek grant income for projects.

CURRENT PROJECTS

e Increasing income from the land in balance with public benefit and other considerations.
e Working within the local Council’s Strategic Plan for Two Waters to maximise income from land by sensitive development.
Creating a budget forecast to 2030 to ensure business continuity.
e Undertaking an ongoing revtew of all Trust policies and sk assessments to minimise future suscepubility to lingation.

KEY CHALLENGES/OPPORTUNITIES

e To safeguard the Trust’s income in the light of restrictions imposed due to the pandemic.
e Yo consider options for development of key areas of Trust land within the remit of the Two Waters Strategic Plan.
e To be constantly aware of changes in the local business environment and gradually work towards a range of income streams.
¢ To continue to consider the long-term sustainability of Trust work, including energy and skills audits.

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e¢ To maximise the use of the Trust Centre through income generating bookings and community use. This will help with bridging the income gap resulting from reduced rent from B&Q as referred to above.
¢ To consider changes in local opinions and circumstance and realigning Trust services where resources permit.
¢ To examine affordability and practicality before increasing the land bank or extending the work programme of the Trust.

KEY ACHIEVEMENTS AND PERFORMANCE

¢ Residential properties — achieving best market rental price by letting out the properties via a commercial lettings agency. Income from lettings was £313,034 (2019: £304,355).
e Letting the moorings at Pixies Mere and Boxmoor Whart on a commercial basis raising £9,381 this year (2019: £9,813).
e Letting rooms at the Box Moor Trust Centre bringing tn an income of £29,559 (2019: £54,207).
e Actively participating in all relevant planning and development teviews led by the local authority.

RISK REVIEW

The risks to the Trust are kept under regular review. The Trust’s prime concern is to ensure that sufficient income is generated in perpetuity for the charitable objectives to be continued and improved. Trustees regularly monitor the Risk Map in order to manage the risks involved with each activity.

Much attention ts given to ensuring the health and safety of the Trust’s livestock and any umpact on users of the Trust land. Other risks are staff management, retention and employment issues, leading the Trust’s strategic direction, its investment policy, capacity and use of resources, security of assets and disaster tecovery and planning. In addition, these are all monitored by the appropriate committees.

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FINANCIAL REVIEW

INCOME

The Trust’s assets are mainly held tn land. Land not considered inalienable is valued and held within the Trust’s Land and Buildings Fund.

Income trom commercial, residential lettings and canal moorings totalling £804,305 (2019: £795,138) provided the majority of Trust income. £50,971 was received from the single payment scheme and stewardship grants (2019: £68,877). Rent from letting rooms at the Trust Centre has fallen to £29,559 (2019: £54,207) due to forced closure of the premises in March 2020. Charges or donations for educational activities have also reduced to £6,421 (2019: £14,603).

Trustees perceive the future direction of the Charity to be first of all achieving a secure and sustainable financial base and then using the income provided to deliver the objectives adopted by the Board whilst responding to the needs of the Trust’s beneficiaries.

The Trust’s reserves are held in accordance with its Investment Policy (detailed below).

RESERVES

The Trust holds its reserves in funds as follows:

PERMANENT ENDOWMENT FUND

The Permanent Endowment Fund represents the Trust’s endowed land and investments resulting from the leasing of endowed land. It includes income from, and expenditure in connection with, the granting of leases. The timescale for investment ts long term.

RESTRICTED FUNDS

The Trust has the following restricted funds:

RIVER BULBOURNE RESTORATION FUND

Funding from the Environment Agency for work to improve the ecological value of the River Bulbourne. The amount held in the Fund at 30 September 2020 ts £12,045 (2019: £15,165). £3,120 has been spent during the year on this project.

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BOXMOOR RANGERS FUND

This fund holds the membership fees of the Box Moor Rangers. This stands at £272 (2019: £179). The fund is used specitically towards Box Moor Rangers’ activities.

REINTRODUCTION OF WATER VOLES ON THE RIVER BULBOURNE

This has been funded through a grant from Affinity Water (£6,000), support from the Canal and Rivers Trust (£1,500) and trom a private individual (£1,500). All tunds received have been spent on the release of water voles and the balance on the fund is currently zero.

KINGFISHER BANK

A new fund established through support from Groundwork South to improve the breeding habitat tor kingfishers on the River Bulbourne. At 30 September 2020 the balance on this fund was £213.

UNRESTRICTED FUNDS

There are currently four unrestricted designated funds: Land and Buildings, Working Capital, Trust Centre Major Repair Fund and Distribution.

The Land and Buildings Fund holds the Trust’s investment and operational land and buildings and provides for the purchase ofidentified land and any improvement of present and future[buildings.][All] major capital projects are financed from this Fund. The umetable for investment in this Fund is medium term. The cash currently held in this Fund at 30 September 2020 1s £152,760 (2019: £109,086).

The Working Capital Fund is intended to provide sufficient funds to enable the Trust to maintain its regular functions, should its sources of income fail. A sub-division of this Fund is the Income Support Fund which covers any risk from temporary disruption through the major commercial property site at Boxmoor Wharf being vacated. The timetable for investment in this Fund is medium term. The amount held in this Fund at 30 September 2020 is £678,086 (2019: £678,086). It will also be partly required to offset the 3 month rent free pertod in 2020-21.

The remainder of the Working Capital Fund 1s held as a general ‘reserve’ to cope with variations in costs from yeat to year. The timetable for investment in this Fund ts short term. The balance at 30 September 2020 is £84,103 (2019: £54,127).

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A Fund has been established to provide for future maintenance and repair of the Box Moor Trust Centre. During the year £5,916 has been spent, making a total fund balance of £89,765 at 30 September 2020 (2019: £95,681).

In previous years, the Distribution Fund held income allocated for grant giving prior to distribution. The accounting policy for grants was changed in the current year and grants agreed at the end of the current year have been accrued in the financial statements, therefore this fund is no longer needed. ‘The balance at 30 September 2020 is {Nil (2019: £30,999)

FUTURE PLANS

The Covid-19 pandemic presents a risk which may impact the Trust's activities, rental returns and investment property values in the future. Some of that impact was reflected in the year end investment valuations. Management have prepared a 10-year income and expenditure budget to 30 September 2030 and considered the potential for the exit of their commercial tenant in 5 years’ time. Management have not considered it necessary to prepare a detailed cashflow forecast due to headroom in the potential cash requirements for the year to 30 September 2021 and to 12 months post the date of signing these financial statements, with £1,082k held at 30 September 2020.

Based on their review of these reports, the trustees expect the Trust will have adequate reserves and resources to continue its activities for the 12 months trom the signing of this report and can meet its obligations as they fall due. The trustees continue to build up a reserve to support the charity in the long term in the event that their commercial tenant exercises the break-clause in 2025.

The Trust intends during the next year to:

¢ Continue working with Dacorum Borough Council and other stakeholders to complete the Two Waters Strategic Framework to provide a document that will guide in that area, including parcels of land owned by the Trust.
® Consider ways to offer further support to residents of the Area of Benefit following the downturn caused by the Coronavirus pandemic.

INVESTMENT POLICY

‘The principles behind the Trust’s Investment Policy are that Trustees should at all times:

take a prudent approach.

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seek to strike the right balance for the Trust between the two objectives of: 1. Providing an income to carry out its purposes eftectively in the short term;

i. Maintaining and, if possible, enhancing the value of the invested funds so as to enable it effectively to carry out its purposes in the longer term.

Ensure that proper arrangements are in place for holding investments on behalf of the Trust.
Be mindful of the level of tisk to be taken within each investment. 5. Agree an appropriate tme period for each tranche of investment.
Decide whether such investments should include any ethical considerations. 7. Consider the need for diversification, depending on the level of funds available for investment.

In common with many organisations and individuals, the economic downturn has required that the Trust has closely monitored the performance of its investments and other sources of[income.][It][has][maintained] its careful and focussed budgeting and expenditure and ensured that its funds are invested in such a way to minimise any risks or possible losses.

Income this financial year from the Affirmative Deposit Fund plus bank interest was £3,757 (2019: £3,562). Other interest recerved was £654 (2019: (757).

STRUCTURE OF CHARITY:

The Box Moor Trust is an unincorporated charity with up to 12 Trustees. During the year, title to the land owned by the Box Moor Trust has been transterred from the individual Trustees to the Official Custodian. There is a wholly owned subsidiary, The Box Moor Trust Trading Company Limited, which is currendy dormant.

GOVERNING, r EG DOCUMENT7 ] 4

In 1594, land was purchased by public subscription from local inhabitants and 67 Feottees were elected to administer the Boxmoor Estate, for the benetit of the inhabitants of Flemel Hempstead and Bovingdon.

In 1809, a private Act of Parliament set out regulagons regarding the lands and properties which were to be administered by a maximum of 12 elected Trustees who must be resident in the Area of Benetit. On 5 April 2000, the Charines (Boxmoor Estate, Hemel Hempstead) Order 2000 (‘the Order’) came into force

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which replaced the majority ofthe 1809 Act. The Order sets out a scheme (‘the Scheme’) which now forms the constitution of the Trust.

TRUSTEES

Mi. P.M. Ablett 89 Eleath Lane, Hemel Hempstead, HP1 1]] Mr. A. Cook Gosnells, 31 Box Lane, Hemel Flempstead, HP3 ODL Mr. G French Westbrook 24a, Copperbeech Close, Hemel Hempstead, HP3 0DG (appointed 21“ October 2020) Mr. D. Forder 9 Cambrian Way, Hemel Hempstead, HP2 5TA (resigned 31 July 2020) Mr. D.L. Furnell 19 Manscroft Road, Hemel Hempstead, HP1 3HU Ms. J. James 30a Lindlings, Hemel Hempstead, HP1 2HB (appointed 21“ October 2020 Mr. D.H. Kirk (Chairman) — 25 Prince Park, Hemel Hempstead, HP1 2A’T Mr. S. Mansbridge 49 Cowper Road, Hemel Hempstead, HP1 1PE Mr. P.B. Phillips 28 Cemmaes Court Road, Hemel Hempstead, HP1 1SU Mr. P. Schneiders Pocketsdell House, Pocketsdell Lane, Bovingdon, HP3 ONH (appointed 21* October 2020)

Mr. N. Sims 21 Bargrove Avenue, Hemel Hempstead, HP1 1QP Mr. G. Tite 26 Winifred Road, Hemel Hempstead, HP3 9DX Mr. S. Wdson 104 Hollybush Lane, Hemel Hempstead, HP1 2PJ (appointed 21“ October 2020)

Under the constitution, ‘Trustees are elected by public election within the Area of Benefit. Trustees elected under the provisions of the Scheme will be subject to re-election. Trustees elected under the terms of the Boxmoor Act were elected for lite. D.H. Sark and D.L. Furnell are life Trustees. Roger Hands, a former Trustee, has been retained in an advisory non-voting position as an emeritus Trustec.

The Trust's future direction ts outlined under the headings of:

MISSION AND FUNDING

® continuing to manage the estate in an environmentally- sensitive manner for recreation, biodtversity, the provision of diverse opportunities for education and to ensure that the enjoyment of such initiatives is accessible to all.
¢ continuing to develop careful land management in the context of the local landscape and environment, assisted by the careful monitoring of the resource.
® increasing the potential for tncome generation from the Trust’s estate, the Trust’s investments and its property, and further developing external funding to ensure a sustainable income stream for the long term.

SERVICES AND ACTIVITIES

® enhancing the Trust’s commitment to partnership working, volunteering, lifelong learning and community engagement.
¢ raising the profile of the Trust and its team, including irs volunteers, as key contributors to the quality of lite of its beneticiaries and visitors to the Area of Benefit.

GOVERNANCE AND MANAGEMENT

e developing further the role of Trustees in strategically directing the Trust’s work and its aspirations.
® reviewing the stating structure and skills base of the Trust in the light of the opportunities and challenges of the future.
e working effectively with professional advisers to assist with the guidance of the Trust’s work and to maximise its effectiveness.

The delivery of the Trust’s objectives 1s overseen by committees and sub-committees meeting bi-monthly and reporting to the Board, which also meets bi-monthly. Currendy the four recently appointed Trustees are invited to attend all Sub-Committee meetings as part of their induction. The committee structure is as follows:

Board: all Trustees: David Kirk (Chair), George Tite (Vice Chair)

Finance and Assets: Peter Phillips (Chair), Peter Ablett, Andy Cook, Steven Mansbridge

THE BOX MOOR TRUST

PAGE 20

Estate and Land: Peter Ablett (Chair), Dennis Furnell, Nat Sims, George Tite (co-opted member Derek Proctor)

Education and Heritage Sub-Committee: Steven Mansbridge (Chait), (co-opted member Steve Wuson)

Events, Profile and Arts Sub-Committee: Dennis Furnell (Chair), Steven Mansbridge

Grants Committee: Nat Sims (Chair), Andy Cook, Steven Mansbridge, Peter Phillips, George Tite

Health and Safety Forum: Trustees are aware of their legal obligations under Health and Satety legislation and the Health and Safety Forum, comprising Trustees and staff, discusses issues in detail, regulates procedures and practices and makes appropriate recommendations to the Board. The Forum is chaired by Jeannette Aston of the independent NFU Risk Management Service who also provides professional support in connection with the Trust’s health and safety procedures.

Property Sub-Committee: Peter Phillips (Chair), Perer Ablett, Steven Mansbridge.

Task and Finish Groups are currently in place to deal with the specitic issues of developing use of the paddock, signage and interpretation, Boxmoor Wharf/Two Waters and the Trust’s archives.

The Trust generally holds an Annual Public Meeting (referred to as the “Annual Trust Meeting’ in the Scheme), usually in April, as an opportunity to meet residents and present its activities and the Annual Report and Accounts. Due to the current restrictions as a result of the Coronavirus pandemic, it was not possible to hold the Annual Public Meeting in April 2020. The Annual Report and Financial Statements for 2018-19 have been published on the Trust’s web site, and the Trustees have invited comments. Arrangements for the 2021 Annual Public Meeting are, as yet, unknown.

PRUSTEE RECRUITMENT AND TRAINING

Trustees are elected by individuals in the Area of Benefit (Hemel Hempstead and Bovingdon) to govern the Charity. The provision for re-election of Trustees was included in the Charities (Boxmoor Estate, Hemel Hempstead) Order 2000. Two Trustees, Dennis Furnell and David Kirk, elected before 2000, are lifetime Trustees. The remainder of Trustees elected from 2000 onwards must seek re-election ona rolling basis. An election was held in October 2020: two Trustees who had to seek re-election were re-appointed and four new Trustees were elected. There are currently 12 Trustees in office. Trustee vacancies are publicised within the rea of Benefit.

THE BOX MOOR TRUST

PAGE 21

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After their election, the newly- elected Trustees are provided with Standing Orders, policies agreed by the Trust and general information and training is arranged on the duties and responsibilities of Trustees.

SETTING REMUNERATION FOR KEY MEMBERS OF STAFF

The key management personnel, in addition to the Trustees, are the four operational managers: Estate, Trustee remuneration was paid in the year. Education and Community, Finance, and Administration. All Trustees give of their time freely and no

Base salaries of operational managers are reviewed by the Finance and Assets Committee annually and when an individual changes responsibility. The annual review is effective 1 October to 30 September. In deciding appropriate salary and benefit levels, the Committee considers the tole, responsibility and experience of the individual along with a range of factors including affordability for the Trust and economic conditions, such as cost ot living and general market rates being oftered by similar organisations. Consideration Is also given to the range of salary increases that have been awarded across the organisation in previous years. In addition, in order to ensure comparability with other charities and equality across the Trust's pay structure, a periodical review of salaries is carried out by an external consultant.

RELATIONSHIPS4 BETWEENia erm 5 orTHEbal 7 CHARITYmy r ANDT RELATEDa! oe al PARTIES

Trustees’ declarations of interest are made, as necessary, at each meeting and the register is reviewed annually.

PUBLIC BENEFIT

The Trust has referred to the terms of the Scheme and the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and planning future activides. In particular the Trustees consider how proposed activines will contribute to the aims and objectives they have set.

FUNDRAISING

The Trust does not employ professional fundraisers. Voluntary donations form a small part of the charity’s income and are applied to the general charitable activities of the Trust unless specified otherwise by the donot.

No fundraising complaints were received in the yeat.

THE BOX MOOR TRUST

Peis: 22

REFERENCE AND ADMINISTRATIVE DETAILS

OPERATIONAL MANAGERS

Trustees delegate authority on a day-to-day basis to the four operational managers. All based at The Box Moor Trust Centre, London Road, Hemel Hempstead, HP1 2RE

IDMINISTRATION MANAGER

Mrs. ]. Rough

ESTATE MANAGER

Mr. P. Samson

EDUCATION AND COMMUNTTY TEAM MANAGER

Mrs. C. Evans (to 31 December 2020)

FINANCE MANAGER

Mrs. J. Tilley (from 11 November 2019)

Mrs. | Sniders (to 18 March 2020)

BANKERS AND PROFESSIONAL ADVISERS

SOLICTTORS

SA Law, Gladstone Place, 36-38 Upper Marlborough Road, St. Albans, ALL 3UU

BANKERS

Royal Bank of Scotland, Drummond House, | Redheughs Ave., Edinburgh, EH12 9]N

IUDITOR

RSM Ulk Audit LLP, The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1BP

PRINCIPAL OFFICE

The Box Moor Trust Centre, London Road, Hemel Hempstead, HP1 2RE

THE BON MOOR TRUST

PAGE 23

STATEMENT OF TRUSTEES’ RESPONSIBILITES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of aftairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

¢ select suitable accounting policies and then apply them consistently,
¢ observe the methods and principles in the Charities SORP (Statement of Recommended Practice);
make judgments and estimates that are reasonable and prudent,
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained tn the financial statements;
¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s governing document. They are also responsible for sateguarding the assets of the charity and hence tor taking reasonable steps for the prevention and detection of fraud and other irregulariues.

Approved by the Trustees on 17 February 2021 and signed on their behalt by

Trustee

THE BOX MOOR TRUS1

PAGE 24

INDEPENDENT AUDTTOR’S REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of The Box Moor Trust (the ‘charity’) for the year ended 30 September 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summaty of significant accounting policies. The financial reporting framework that has been applied in their preparation ts applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UI and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

¢ give a true and fatr view of the state of the charity’s affaurs as at 30 September 2020 and of its incoming resources and application of resources for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011.

Basts far opinton

We have been appointed as auditors under section 144 of the Chartues Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UR)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained ts sufficient and appropriate to provide a basis for our opinion.

Conclustons relating fo going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (US) require us to report to you where:

e the Trustees’ use of the going concern basis of accounting tn the preparation of the tinancial statements is not appropriate; or
e the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast signiticant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months trom the date when the financial statements are authorised for issue.

Other infornetion

The Trustees are responsible for the other information. ‘The other information comprises the information included in the Annual Report other than the Hnancial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

THE BOX MOOR TRUS

PAGE 25

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[n connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there ts a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report hy exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

e the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
e sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records and returns; or e¢ we have not received all the information and explanations we requite for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 24, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are tree from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the andit ofthe financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Us) will always detect a material misstatement when it exists. Misstatements can arise from traud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A turther description of our responsibilines for the audit of the financial statements is provided on the Financial Reporting Council’s website at http:/Awww.fre.org.uk/auditorsresponsibilities. This descripnon forms part of our auditor’s report.

Use ofour Report

This report is made solely to the charity’s trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditot’s report and for no other purpose. To the fullest extent permitted

THE BOX MOOR TRUST

PAGE 26

by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

KOM UK A die LAP RSM UK Audit LLP Statutory Auditor Chartered Accountants The Pinnacle 170 Midsummer Boulevard Milton Keynes, Bucks, MIK9 TBP

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE BOX MOOR TRUST

PAGE 27

THE BORN MOOR TRLEST

STATEMENT OF FINANCIAL ACTIVITIES FOR TE YEAR ENDED 30 SEPTEMBER 2020

		Unrestricted	Restricted	Endowment	Endowment	Total	Total
	Notes	Funds	Funds	Funds		2020	2019
		£	£	£		£	£
Income from:
Investments	2a	838,275	-	-		838,275	854,001
Charitable activities:
Land management		56,481	-	-		56,481	72,844
Education		7,010	213	-		7,223	14,603
Leisure & welfare		6,584	6,550	-		13,134	14,891
Other income	26	26,768	-	-		26,768	-
Total income		935,118	6,763	-		941,881	956,339
Expenditure on
Raising Funds:
Investment management costs		229,962	-	-		229,962	202,808
Charitable activities:
Land management	3	424 632	3,120	-		427,752	362,075
Education	3	144,340	120	-		144,460	143,797
Leisure & welfare	3	143,123	3837	-		146,460	183,918
Total expenditure		942,057	6,577	-		948634	892,598
Net (losses)/gains on investments	6	(187,500)	-	-		(187,500)	(427,500)
Net (expenditure)		(194,439)	186	-		(194,253)	(363,759)
Gains on revaluation of fixed	5a
assets for charity’s own use		-	-	-		-	50,000
Netmovement in funds in year		(194,439)	186	-		(194,253)	(313,759)
Reconciliation offunds
Total funds brought forward as at
1 October 2019	12-14	18,196,208	12,344	995.441	19,203,993		19,517,752
Total funds carried forward as	12-14	18,001,769	12,530	995,441		19,009,740	19,203,993
at30September2020							a

The notes on pages 31 to 43 form part of these financial statements.

THE BOX MOOR TRUST

PAGE 28

CHE BON MOOR TRUST BALANCE SHEET AS. AT 30 SEPTEMBER 2026

		2020		2019
	NOTES	£	£	£	£
Fixed assets
Heritage assets	5a	255,000		255,000
Tangible assets	5b	=.3,772,055		3,815,729
Investments	6	13,940,000		14,127,500
			17,967,055		18,198,229
Current assets
Stocks	F		53,333		51,873
Debtors due within one year	8	54,322		38,006
Debtors due aftermore than one year	8	47,484		50,815
Cash at bank and in hand		1,082,905		951,637
		1,238,044		1,092,331
Creditors: Amounts falling due within
one year	9	(192,359)		(79,933)
Netcurrentassets			1,045,685		1,012,398
Creditors: Amounts falling due after
one year	10		(3,000)		(6,634)
Net assets			19,009,740		19,203,993
The Funds of the charity
Endowment fund	12		995,441		995,441
Restricted funds	13		12,530		12,344
Unrestricted designated funds	14		18,001,769		18,196,208
Total charity funds			19,009,740		19,203,993
Charityno.206142

----- Start of picture text -----
Approved by the Trustees-and authorised for issue on 17 February 2021 and signed on their behalf by:
—— —
A Ogee }
tee } Trustees
----- End of picture text -----*

The notes on pages 31 to 43 form part of these financial statements.

THE BOX MOOR TRUST

PAGE 29

THE BOX MOOR TRUST

CASH FLOWS STATEMENT FOR THE YEAR ENDED SEPTEMBER 2020

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOWS FROM OPERATING ACTIVITIES
		2020	2019
Reconciliation of net income/ (expenditure) to net cash flow from
operating activities		£	£
Net income for the year		(194,253)	(363,759)
Adjustments for:
Gains on investments		187,500	427,500
Dividends, interest and rents from investments		(838,275)	(854,001)
Depreciation		114,030	103,419
(Increase)/ Decrease in stocks		(1,460)	(9,518)
(Increase)/ Decrease in debtors		(12,985)	22,504
Increase/ (Decrease) in creditors		115,501	(54,601)
Net cash used in operating activities		(629,942)	(728,456)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments		838,275	854,001
Purchase of property, plant and equipment		(70,356)	(46,973)
Net cash provided by investing activities		767,919	807,028
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of obligations under finance leases		(6,709)	(9,728)
Net cash used in financing activities		(6,709)	(9,728)
Increase/(decrease) in cash and cash equivalents in the reporting
period		131,268	68,844
Cash and cash equivalents at the beginning ofthe year		951,637	882,793
Cash and cash equivalents at the end ofthe year		1,082,905	951,637
			30
	1 October	Cash	September
Analysis ofchanges in net debt	2019	flows	2020
	£	&	£
Cashatbankandinhand	951,637	131,268	1,082,905

THE BOX MOOR TRUST

PAGE. 30

THE BOX MOOR TRUS!

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. ACCOUNTING POLICIES

(a) Basis of accounting

The principal accounting policies adopted in the preparation of the financial statements are set out below:

1) These financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value except for investments, land and buildings and heritage assets which are recognised at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Charities Act 2011.
2) The Trust's activities together with the factors likely to affect its future development performance and position are set out in the Trustees’ Report on pages 2 - 23. The financial position of the Trust, its cash flow (shown in the cashflow statement on page 30) and liquidity position are described in the Financial Review and Reserves Information on pages 15 - 17. The Trust has sufficient financial resources for its commitments and the Trustees believe that it is well placed to manage its operational risks successfully despite the current uncertain economic outlook.
3) The Trust represents a public benefit as defined by FRS 102.
4) The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
5) Monetary amounts in these financial statements are rounded to the nearest whole £.

(b) Going concern

As stated previously in this report, the bulk of the Trust's funds derives from rental income. A new commercial lease was signed in November 2020 ensuring the continuity of this income for the next 5- year period from signing.

Management have prepared a 10-year income and expenditure budget to 30 September 2030 and considered the potential for the exit of their commercial tenant in 5 years’ time. Management have not considered it necessary to prepare a detailed cashflow forecast due to headroom in the potential cash requirements for the year to 30 September 2021 and to 12 months post the date of signing these financial statements, with £1,082k held at 30 September 2020.

Based on their review of these reports, the trustees expect the Trust will have adequate reserves and resources to continue its activities for the 12 months from the signing of this report and can meet its obligations as they fall due.

Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements

(c) Heritage assets, tangible fixed assets and depreciation

Fixed assets are stated at historical cost and in respect of heritage assets and land and buildings, at valuation.

The capitalisation policy adopted by the charity is that fixed assets costing more than £5,000 are being capitalised and included at cost.

THE BOX MOOR TRUS]

PAGE 31

| } .

STATEMENTS

PHE BOX MOOR TRUST

NOTES TO THE FINANCIAL

POR THE YEAR ENDED 30 SEPTEMBER 2021

Depreciation is provided on all fixed assets, excluding land and investment properties, at rates calculated to write off the cost on a straight-line basis over their expected useful economic lives as follows: Estate buildings - 4% per annum on revalued amount

Trust Centre - 2% per annum on revalued amount Trust Centre Fixtures & Fittings - 20% per annum on cost Estate equipment - 20% per annum on cost Estate plant - 4% per annum on cost Fixtures and office equipment - 20% per annum on cost

The Trust's heritage assets comprise, principally, land which was part of the original endowment most of which is designated as common land. Also included is land which was not part of the original endowment. For further details refer to note 5a.

The assets are to support the Trust's charitable objectives which include the management and enhancement of land for grazing and amenity with public access.

The Trustees do not consider that reliable cost or valuation information can be obtained for the vast majority of this land because of its inalienable nature which means that its market value cannot easily be determined. Furthermore, the Trustees believe the cost of obtaining a valuation of these assets would be onerous compared with the benefit that would be derived from users of the accounts in assessing their stewardship of the assets. The Trust does not, therefore, recognise the vast majority of this land on its balance sheet.

For the heritage asset land which was not part of the original endowment and a small element of the original endowment land it has been possible to obtain a reliable estimate of market value and the land has been recognised accordingly at valuation.

(d) Income

Voluntary income in the form of donations is recognised when probable, measurable and the charity is entitled to the income and, unless the donor specifies the purpose of the donation, is used or retained for the general purpose of the charity.

Investment income, including rent from commercial and residential investment properties, is recognised on a receivable basis.

Income from charitable activities (land management, education and leisure and welfare) is recognised on a receivable basis.

(e) Volunteers and donated services

No amounts are included in the Statement of Financial Activities in respect of the value of services donated by volunteers. Further details of the contribution made by volunteers can be found in the Trustees’ Report and note 17 to the accounts.

(f) Expenditure

Expenditure is recognised whena liability is incurred. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of generating funds are investment management costs incurred in managing the charity's portfolio of investment properties and letting rooms in the Trust Centre.

THE BOX MOOR TRUS!

PAGE 32

CHE BON MOOR TRUS1

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 350SEPTEMBER 2020

Charitable activities include expenditure associated with the charity's land management, education and leisure and welfare activities. Both the direct costs and support costs relating to these activities are included.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources e.g. staff time. Governance costs have been allocated on a basis consistent with other support costs.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

(g) Investments

Investment properties are included in the balance sheet at their fair value, considered to be their open market value.

(h) Stocks

The livestock herd is valued by the Trustees at fair value, which is current market value. All other stock is valued by the Trustees at the lower of cost and net realisable value. The valuation basis for livestock represents a departure from the requirement of SORP FRS 102 to value stocks at the lower of cost and net realisable value. The Trustees are of the opinion that the policy adopted is required in order to show a true and fair view.

(i)

Funds

The permanent endowment fund consists of the Trust's original permanent endowment land and the freehold of the land at Westbrook Hay. Also included is a proportion of the Epworth Affirmative Deposit Fund for Charities.

The Trustees currently have the following unrestricted designated funds:

Land and Buildings Fund To hold existing investment and operational land and buildings and to be used for the purchase of land and replacement and improvement of present and future buildings.

Working Capital Fund This has been subdivided into:

Income Support — to provide funds to cover the potential risk of an interruption in income from a major income producer and to enable the Trust to maintain its regular functions should its sources of income fail. General — to provide sufficient funds to cover one-off unexpected expenditure.

Distribution Fund In prior years, this fund held allocated income prior to distribution of grants. This fund is no longer in use and has been undesignated

Trust Major Repair Fund

To hold funds allocated to a major repair programme for the Trust Centre.

The restricted funds consist of the River Restoration Fund which holds grant money from the Environment Agency to be used for the restoration of the River Bulbourne and the Box Moor Rangers Fund which holds subscriptions paid by the rangers and used to fund their activities. The Water Voles Fund holds money received for the project of reintroducing water voles into the River Bulbourne. The Kingfisher Bank fund holds funds from Groundwork South to improve the breeding habitat for Kingfishers on the River Bulbourne.

Details of movements on the funds are given in notes 12, 13, 14 and 15 to the financial statements.

THE BOX MOOR TRUS]

PAGE. 34

THE BOX MOOR TRUS

NOTES TO THE FINANCIAL STATEMENTS POR ThE YEAR ENDED 30 SEPTEMBER 2020

(i) Employee Remuneration Benefits:

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

(k) Pensions

The pension costs charged in the year represent the contributions payable by the Trust during the year. Outstanding contributions are held in creditors at year end.

(I) Grants Payable

Grants of amounts up to £2,500 are allocated to not for profit organisations within the Area of Benefit. Applications are invited and considered by Trustees in accordance with their Grants Policy. The programme is publicised each year and not for profit organisations invited to apply. The applications are considered by a Trust Committee and payments are made direct to the organisations on sight of invoices for the agreed projects. Grants are recognised on an accruals basis according to when they are awarded.

(m) Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions, it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

(n) Judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The investment properties are valued by a professional surveyor each year. All other fixed assets are valued professionally every 3 years. The majority of the heritage land is not valued as it is common or amenity land and of restricted financial value.

The Trustees do not consider that there are any further critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.

(o) Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.

Financial assets

Basic financial assets, which include investments, are initially measured at transaction price including transaction costs, Other debtors and accrued income, which do not constitute a financing transaction, are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

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PAGE 34

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS POR THE YEAR ENDED 30 SEPTIEMBER 2020

Financial liabilities

Basic financial liabilities, which include accruals, are initially measured at transaction price and subsequently measured at amortised cost.

(p)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.

Assets held under finance leases are recognised as assets at the lower of the assets’ fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the statement of financial activities so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2a.

INVESTMENT INCOME

	2020	2019
	£	£
Commercial rent	480,970	480,970
Rents from residential properties and moorings	323,335	314,168
Rent from letting rooms in Trust Centre	297559	54,207
Bank deposit interest	4.411	4,319
Other interest	-	337
	838,275	854,001

2b LAND MANAGEMENT INCOME

The total amount received from agricultural grants was £54,893 (2019: £68,877).

2c OTHER INCOME

			2020	2019
			£	£
Grants received under UK Government's Coronavirus			26,668	-
Job Retention Scheme
Gain on disposal offixed assets			100	-
			26,768	-
ANALYSIS OF CHARITABLE EXPENDITURE
	Direct	Support	Grant funding	Total
	Costs	Costs	of activities	2020
	£
		=	£	£
Land management	286,598	141,154	-	427.752
Education	79,250	65,210	-	144,460
Leisure & welfare	33,627	53:522	59,311	146,460
	399,475	259,886	59,311	718,672

ANALYSIS OF CHARITABLE EXPENDITURE

THE BOX MOOR TRUST

PAGE, 35

PEE BOX MOOR TRUST

THLE FINANCIAL STATEMENTS

NOTES TO

FOR THE YEAR ENDED 30 SEPTEMBER 2020

	Direct	Support	Grantfunding	Total
	Costs	Costs	of activities	2019
	12
		£	£	£
Land management	227,379	134,696	-	362,075
Education	65,758	78,039	-	143,797
Leisure & welfare	79,302	77,384	27,232	183,918
	372,439	290,119	27,232	689,790

Included within leisure and welfare costs are grants paid out in the year in accordance with the grants programme [in respect of awards] in pursuance of this charitable objective. All grants were made to notfor- profit organisations. No grant exceeded £2,500 with the exception of a grant of £6,000 made to the Dacorum Community Trust. Details of the grants given are to be found on the Trust’s website: www.boxmoortrust.org.uk.

In 2019-20 there was a change in accounting policy. Grants awarded for the year 2019/20 have been accrued in these accounts. In previous years, grants for the current year were shown as a commitment and provision for payment made in the Distribution Fund. The figures below for grants expended in 2019/20 represent two years’ awards.

During 2019/20, capital grants were given by nature of recipient as follows:
e Education and Uniform Groups (8) £17,736 (2019:(7) £12,505) e Health and Welfare (2) £2,825 (2019: (2) £2,532) « Community Groups (6) £12,310 (2019:(1) £2,500) e Sports (5) £8,380 (2019: (2) £3,695) ¢ Dacorum Community Trust (2) £12,000 (2019: (1) £6,000)

In addition, in 2019/20 the following special Covid-19 support grants were given to eligible organisations that had incurred, or were about to incur, additional costs associated with the pandemic in order to continue, or resume, their normal activities.

e Education and Uniform Groups (1) £900 (2019: £0) e Health and Welfare (1) £740 (2019: £0) e Community Groups (4) £2,365 (2019: £0) ¢ Sports (3) £2,055 (2019: £0)

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THE BOX MOOR TRUS1 NOTES TO THE FINANCLAL STATEMENTS POR THE YEAR ENDED 30 SEPTEMBER 2020

ALLOCATION OF SUPPORT COSTS

The charity allocates its support costs as shown in the table below and then further apportions these costs between the three charitable activities (see note 3). Support costs are allocated on a basis consistent with the use of resources.

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |SUPPORT|Charitable|Costs|of|Total| |COST|activities|generating|2020| |funds| |£|£|£| |Wages|and|salaries|(including|social|security|and|62,190|40,770|102,960| |pension|costs| |Insurance|19,083|6,361|25,444| |Printing,|postage|and|sundries|26,834|8,948|35,782| |Maintenance|of Trust|Centre|13,343|15,124|28,467| |Audit|fees|and|Valuations|1236382|4,211|16,843| |Health|and|Safety|6,881|2,295|9,176| |Depreciation|94,546|16,485|411,031| |Irrecoverable|VAT|17,808|6,527|24,335| |Legal|and|Professional|fees|6,569|2,189|8,758| |259,886|102,910|362,796|

----- End of picture text -----

Included in support costs above are governance costs of £52,467 (2019: £46,216) which comprise administrative and professional expenditure. These have been allocated to charitable activities and the costs of generating funds proportionately.

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |SUPPORT|Charitable|Costs|of|Total| |COST|activities|generating|2019| |funds| |£|Ee|e| |Wages|and|salaries|(including|social|security|and|60,998|25,542|86,540| |pension|costs| |Insurance|21,034|7,011|28,045| |Printing,|postage|and|sundries|26,977|6,716|33,693| |Maintenance|of|Trust|Centre|20,337|21,763|42,100| |Audit|fees|and|Valuations|11,383|3,795|15,178| |Health|and|Safety|4,950|4,650|6,600| |Depreciation|95,327|8,092|103,419| |Irrecoverable|VAT|33,282|15,625|48,907| |Lega!|and|Professional|fees|15,831|42,214|58,045| |290,119|132,408|422,527|

----- End of picture text -----

Sa.

HERITAGE ASSETS

Heritage Asset Land £

Valuation:

As at 1 October 2019 and at 30 September 2020

255.000

The Trust's objects include the management and enhancement of land for grazing and amenity with public access. The Land Management Policy, adopted September 2012, and the Land Acquisitions Policy, adopted June 2011, are in place to manage and enhance the land. The Trust's heritage assets principally comprise land included within the original endowment (mainly designated as common land) An element of the heritage assets is recognised at valuation. The majority of the heritage land is not recognised on the balance sheet as the Trustees do not consider that reliable cost or valuation information can be obtained for the land because of its inalienable nature which means that the market

THE BOX MOOR TRUS1

NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER

2026

value cannot be easily determined. Furthermore, the Trustees believe the cost of obtaining a valuation of these assets would be onerous compared with the benefit that would be derived from users of the accounts in assessing their stewardship of the assets.

Heritage assets within the original endowment were valued on 30 September 2020 at £200,000 (2019: £200,000). Other heritage assets not included in the original endowment comprise 16.15 acres of land valued by Brasier Freeth at £55,000 as at 30 September 2020 (2019: £55,000).

The total acreage of permanent endowment land is 227 acres.

5b. TANGIBLE FIXED ASSETS

	Estate	Estate	Fixtures	Trust
	Land &	Equipment	and	Centre
	Buildings	& Plant	Fittings	Building	Total
	£	E	£	£	£
COST / VALUATION
As at 1 October 2019	2,425,000	474,823	40,210	1,220,000	4,160,033
Additions	41,297	14,600	6,833	7,626	70,356
Eliminated on disposals Revaluation	- -	(3,545) -	- -	- -	(3,545) -
As at 30 September 2020	2,466,297	485,878	47,043	1,227,626	4,226,844
DEPRECIATION
As at 1 October 2019	27,851	258,417	34,036	24,000	344,304
Charge for the year	32,903	53,956	2,682	24,489	114,030
Eliminated on disposals Revaluation	- -	(3,545) -	- -	- -	(3,545) -
As at30 September 2020	60,754	308,828	36,718	48,489	454,789
NBV 30 September2020	2,405,543	177,050	10,325	1,179,137	3,772,055
NBV30September2019	2,397,149	216,406	6,174	1,196,000	3,815,729

The Estate Land and Buildings and the Trust Centre building are held at valuation, with the remaining assets held at cost.

Land included within Estate Land and Buildings consists of a combined acreage of approximately 236

acres.

An external valuation of the Trust's Estate land and buildings and also the Trust Centre building, was carried out by Brasier Freeth LLP Chartered Surveyors as at 30 September 2018 on a full vacant possession open market value basis.

The historic cost less depreciation of the Trust Centre building is £1,860,712 (2019: £1,877,575). The remainder of the Trust's estate land and buildings principally comprises land and buildings acquired a number of years ago. As such, the value of historic cost less depreciation for these assets has not been disclosed as the Trustees do not consider that reliable cost information can be obtained. Furthermore, the Trustees believe the cost of obtaining this information would be onerous compared with the benefit that would be derived by users of the accounts.

THE BOX MOOR TRUST

PVG 38

PHE BOX MOOR TRUS!

NOVES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. INVESTMENTS

	2020	2019
	&	£
INVESTMENT PROPERTIES:
As at 1 October	14,127,500	14,555,000
Revaluations— properties	(187,500)	(427,500)
Asat30September	13,940,000	14,127,500

Investment properties comprise commercial land and residential properties. An externa! valuation of the residential properties was carried out by Brasier Freeth LLP Chartered Surveyors as at 30 September 2020 on a full vacant possession open market value basis at £9,130,000 (2019: £9,117,500). An additional currently unused small area of land has been valued at £10,000. The residential properties are valued using the comparable method of valuation with the exception of one property subject to a protected tenancy, which has been valued on the basis of several factors likely to be taken into account by a residential investor.

A revaluation of the commercial land was carried out by Brasier Freeth LLP Chartered Surveyors as at 30 September 2020 with a market value of £4,800,000 (2019: £5,000,000). Their assessment of value was based on the property as a commercial investment, having regard to the terms of the new Lease at Boxmoor Wharf, as recently agreed. Also, due to the uncertain future surrounding the retail warehouse market generally, they had regard to the long-term potential for the site’s redevelopment for alternative commercial or residential purposes.

STOCKS

	2020	2019
	£	£
Livestock herd	45,650	45,425
Stock of materials	7,683	6,448
	289331 87S
DEBTORS
	2020	2019
	£	£
Other debtors due within one year	23,182	9,829
Other debtors due in more than one year	47,484	50,815
Accrued income	3,600	2,025
Prepayments	27,540	26,152
	101,806	88,821

DEBTORS

THE BOX MOOR TRUST

PAGE 39

HE BOX MOOR TRUST NOTESTO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

9. CREDITORS: Amounts falling due within one year

10.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2020|2019| |£|£| |Obligations|under|finance|leases|6,633|6,708| |VAT|25,769|11,852| |Grants|payable|31,000|-| |Deferred|capital|grant|(note|11)|1,500|-| |Other|creditors|51,599|44|648| |Accruals|and|deferred|income|75,858|16,725| |192,359|79,933| |CREDITORS:|Amounts|falling|due|after|more|than|one|year| |2020|2019| |£;|£| |Deferred|capital|grant|(note|11)|3,000|-| |Obligations|under|finance|leases|-|6,634| |3,000|6,634|

----- End of picture text -----

CREDITORS: Amounts falling due after more than one year

DEFERRED CAPITAL GRANT

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |£| |As|at|1|October|-| |Grant|receivable|in|year|7,500| |Released|to|income|in|respect|of|depreciation:| |Relating|to|prior|years|(1,500)| |Relating|to|current|year|(1,500)| |As|at|30|September|4,500| |Of|which:| |Due|to|be|released|in|one|year|(note|9)|1,500| |Due|to|be|released|after one|year|(note|10)|3,000|

----- End of picture text -----

ENDOWMENT FUND

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Balance|Income|Expenditure|Balance| |01/10/19|30/09/20| |£|f|£|£| |Permanent|Endowment|Fund|995,441|-|-|995,441|

----- End of picture text -----

THE BOX MOOR TRUST

PAGE 40

THE BON MOOR TRUS

NOTES TO THE PINANCIAL SEATEMENTS

POR THE YEAR ENDED 30 SEPTEMBIER 2020

13. RESTRICTED FUNDS

		Balance	Income	Expenditure	Balance
		01/10/19			30/09/20
		£	£	£	£
River Bulbourne Restoration Fund		15,165	-	(3,120)	12,045
Box Moor Rangers Fund		179	213	(120)	272
Kingfisher Bank		-	550	(337)	213
Reintroduction ofWaterVoles		(3,000) 12,344	6,000 6,763	(3,000) (6,577)	- 42,530
UNRESTRICTED DESIGNATED	FUNDS
	Balance	New	Utilised/	Revaluation	Balance
	01/10/19	designations	Released	losses	30/09/20
	£	£	ts	it	£
Land Buildings Fund:
Fixed Asset Reserve	17,337,315	-	-	(187,500)	17,149,815
Working Capital Fund:
Income Support	678,086	-	-	-	678,086
General	54,127	29,976	-	-	84,103
Distribution Fund	30,999	-	(30,999)	-	-
Trust Centre Major Repairs	95,681	-	(5,916)	-	89,765
	18,196,208	29,976	(36,915)	(187,500)	_18,001,769

UNRESTRICTED DESIGNATED FUNDS

At a meeting of Finance and Assets Committee on 27 January 2021 the above designations were confirmed.

New designations relate to the amounts agreed to be designated by Trustees during the year.

The Distribution Fund is no longer in use and therefore has been undesignated.

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PAGE 41

THE BOX MOOR TRUS!

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Fixed	Investments	Investments	Net	Cash	Totai
	Assets incl			current
	Heritage			assets
	Assets			less cash
	£		£	£	£	£
Permanent Endowment Fund	970,000	‘	~	-	25,441	995,441
Restricted Funds	-		-	-	12,530	12,530
Unrestricted Funds
Land Buildings Fund:	3,057,055		13,940,000	-	152,760	17,149,815
Working Capital Fund:	-		-	(40,220)	802,409	762,189
Trust Centre Major Repairs Fund	-		-	-	89,765	89,765
	4,027,055		13,940,000	(40.220)	1,082,905	19,009,740
NET INCOME
The net income for the year ts stated after charging			the following:
					2020	2019
					£	£
Auditor's remuneration
Audit services					14,500	13,550)
Other services					2,128	1,950
Depreciation					114,030	103,419
EMPLOYEE INFORMATION
					2020	2019
					£	£
Wages and salaries					285,221	259,823
Social security costs					22,244	17,045
Other pension costs					18,382	15,039
					325,847	291,907
The average number ofemployees, analysed by function was: -
					2020	2019
Estate maintenance					6	5
Administration					4	5
Education				es . 14 14

NET INCOME

The net income for the year ts stated after charging the following:

No Trustees received reimbursement of expenses in the year (2019: none).

None of the Trustees received any remuneration in the year (2019: none).

Key management personnel:

No employee received emoluments of over £60,000 in the year (2019: none). The aggregate remuneration for the Trustees and four Trust Managers, who are the key management personnel, was £108,183 including employer's NI (£106,083 in 2019).

Volunteers (101 in number) (2019: 164) play a significant role supporting the staff in the work of the Trust, mainly in the areas of estate conservation and education, outreach, administration and archiving.

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PAGE 42

PENSION COSTS

TE BON MOOR TRUS1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trust makes a defined contribution to employees’ personal pension plans. The assets of these plans are identified to individual members and are held separately from Trust assets. The pension cost charge represents contributions payable by the Trust and amounted to £18,382 (2019: £15,039). Pensions owed at the year-end are accrued.

TRUSTEE INDEMNITY INSURANCE

£5,014 (2019: £5,014) was paid in the year for Trustee Indemnity Insurance. Authority for this payment is in clause 32(b) of The Charities (Box Moor Estate, Hemel Hempstead) Order 2000.

GRANT COMMITMENTS

Grants amounting to £31,000 (2019: £30,999) which will be paid in the next financial year have been approved by the Trustees prior to the year end. These have been provided for in the accounts in the current year. This is a change in accounting policy. In previous years, provision was made in the Distribution Fund for grants to be paid in the following year.

RELATED PARTIES

There are two staff tenancies where employees occupy the properties rent- free to enable them to carry out their estate duties efficiently.

During the year, Trustees made donations to the Trust amounting to £28 (£ NIL).

pre

OPERATING LEASES

Minimum lease payments under non-cancellable leases due:

Minimum lease payments under non-cancellable leases due:
	2020	2019
AS LESSOR	£	2
Less than 1 year	220,540	795,138
2-5 years	32,900	1,754
Subsequent to the year end, the Trust signed a new lease with B&Q Limited. This lease		has a Break
Date at 01 October 2025. The total minimum lease payments due under this lease within 1 year are
£303,030 and due in more than one yearand less than 5 years	are £1,616, 160.
	2020	2019
AS LESSEE	£	£
Less than 1 year	794	-
2-5years	2,381	-

THE BOX MOOR TRUST

PAGE 43